Metrobank have announced that they have sold a portfolio of owner-occupied residential mortgages to NatWest as of today – Friday 19th of November. The bold decision is thought to have been made so that Metrobank can invest in other more diverse areas of money lending. Metrobank have sold about one third of all their residential mortgages to NatWest.
A press statement from metro says ‘This move means that we can start to lend in other areas – such a personal loans and credit cards – as well as continuing to lend in the mortgage market. This helps us meet the needs of our customers and assists us with growing the bank in the future.’
Metrobank have made it clear that customers who have a mortgage included in the sale will receive a letter confirming this, the letter was sent out on 15th November 2021. Customers will also receive a welcome letter from NatWest on 22nd November 2021. Of course, this also means that Metrobank will no longer be your mortgage broker and will not contact you moving forward. All updates on your current mortgage will be sent to you directly by Natwest.
Some more good news is that the terms & conditions of your mortgage will not change. Your account will continue to operate as it has done with Metrobank and if NatWest decide to make any changes, they will write to you to let you know.
Any Metrobank product switches in process would need to complete by the end of today for them to take effect. After this there is no ability to do product transfers/rate switches with Metrobank.
Alison Rose, CEO of NatWest said, “Growing our mortgage book is an important strategic priority as we build a bank that delivers sustainable returns for shareholders. The addition of this loan book will supplement the strong organic growth that we continue to achieve. Our strong capital position, well above the target range, continues to provide the flexibility to navigate the uncertain environment and support our customers during the challenging times ahead.”
Metrobank are expected to transfer the 13,000 mortgages on the 22nd of November 2021.
If your mortgage is within the group being transferred over to NatWest and you need some help and guidance, please feel free to give us a call on 02088771169.